The Government has announced significant progress in its financial cooperation with India, highlighting strengthened bilateral ties and continued support for the country’s economic stability.

In this regard, the Maldives Monetary Authority (MMA) has successfully settled a USD 400 million swap facility that was availed in October 2024. The facility was extended under the US Dollar/Euro Swap Window of a bilateral agreement between the MMA and the Reserve Bank of India (RBI), within the existing Framework on Currency Swap Arrangement for SAARC Countries (2024–2027).

The Government also welcomed India’s approval of the first withdrawal of INR 30 billion under the INR Swap Window of the same bilateral agreement. The arrangement was signed during the state visit of President Dr Mohamed Muizzu to India in October 2024.

In a statement released on Thursday night, the Ministry of Foreign Affairs highlighted that the INR-denominated swap facility will support the Government’s broader strategy to reinforce economic stability, particularly amid the evolving situation in West Asia. The INR Swap Window, offered under favourable terms, enhances both accessibility and effectiveness in addressing short-term foreign exchange needs.

The Government further noted progress in meeting its financial obligations. To date, USD 50 million has been repaid from the outstanding USD 150 million Treasury Bill budgetary support package secured through the State Bank of Indiain 2019.

Officials stated that the approval of the INR 30 billion swap facility reflects the enduring partnership between the Maldives and India, and underscores India’s continued commitment under its “Neighbourhood First” policy.

The development comes as the Maldives continues efforts to strengthen macroeconomic stability and maintain resilience in an evolving global economic landscape.